Kieran mcquinn

House prices nationally rose by 2.7pc during the second quarter of 2018, according to the latest House Price Report released today by Ireland’s largest property website, Daft.ie. The average price nationwide during the second quarter was €254,000, 5.6pc higher than a year ago. This shows the annual rate of increase in list prices in the second quarter of this year is at its lowest level since early 2014. Compared to their lowest point in 2013, prices nationwide have risen by an average of 54pc or just over €89,000. In Dublin, prices rose by 1.8pc between March and June, meaning the average price in the capital is now almost €155,000 higher than five years previously. The average price of houses on sale in Dublin between March and June this year was €374,885. Across each of the other major cities, prices rose substantially in the last three months — by 4.8pc each in Limerick and Waterford cities, and by 4.7pc in Cork and 4.3pc in Galway. Outside … [Read more...] about Revealed: Dublin house prices have risen by an average of €155,000… but there are signs of a slowdown

The volatility of the Irish housing market has been laid bare by ESRI research professor Kieran McQuinn, who said that prices rose by 431pc between 1995 and 2007, before plummeting by 49pc between 2007 and 2013 as the economy imploded. The rise was greater than that seen in the UK, Spain, France, US and Italy over the same period, while the fall was more pronounced than in those countries, he said. This was because homes were overvalued. Between the last quarter of 2013 and the corresponding period of 2017, prices have increased by 57pc, with hikes of 6.5pc expected over the next 12 months. Between now and 2020, they would increase by 11pc, he added, saying there was no guarantee that increased housing output would result in lower prices. "Most commentators believe interest rates will remain relatively low, salaries will increase and we will see sizeable inward migration, and all of those variables point to continued housing demand, which points to upward prices," he said. But … [Read more...] about House prices may increase 11pc by 2020

The State-backed ESRI is now expecting just 18,700 homes to be built this year, compared with a previous forecast of 25,000. The ESRI also cut its forecast for homes to be built next year from 31,000 to 23,200. The massive shortfall of about 14,100 properties comes amid the controversy over 'phantom homes', after it emerged last week that Department of Housing figures on new homes were hugely overstated. Analysts at bodies ranging from stockbrokers Davy to estate agents Savills have said that 35,000 extra units a year will be needed. Dr Conor O'Toole, senior research officer at the ESRI, said: "We had expected housing completions of 25,000 units this year, up to 31,000 next year. If you take into account the level shift with the new CSO data... our figures would be closer to 18,700 units this year." He said that the ESRI "certainly welcomed" the new, more accurate data and it gave an "important insight" - but that the country was further away from meeting the demand for houses … [Read more...] about House hunters will now find it even harder to get a mortgage

By Geoff PercivalThe Economic and Social Research Institute (ESRI) has said any scope for further tax cuts is “very limited” with Ireland set to reach so-called ‘full employment’ levels by the end of next year.In its latest commentary on the economy, the economic think-tank has forecast 4.7% GDP growth this year, with growth slowing to just under 4% next year. It sees the unemployment rate averaging 5.6% in 2018, but declining to under 5% by the end of 2019.Employment is likely to exceed 2.3 million people next year, around 70,000 more people at work than at the peak of the Celtic Tiger period at the end of 2007.Such levels generally qualify as ‘full employment’ and could be a trigger for economic overheating, through excess consumer spending due to an increase in personal wealth.On the back of that, the ESRI has warned the Government not to further stimulate the economy, via tax cuts, in the October budget. “Given the Government’s … [Read more...] about ESRI: ‘No tax cuts’ as full employment looms

But if there are continuous strong rises in the cost of buying homes over the next 18 months, there is the possibility of a 'property bubble' emerging, said Dr Kieran McQuinn, research professor at the Economic and Social Research Institute (ESRI). His forecast of rising prices over the next three years was shared by economist Dr John McCartney, head of research at estate agents Savills Ireland. Dr McCartney said the supply of new homes will increase sharply and the market should achieve a balance in 2021. It is also believed among market observers that the disparity in regional house markets will continue and prices will depend on where in Ireland you are seeking to buy a property. ESRI economist Dr McQuinn told the Sunday Independent that overall price increases are expected to continue for the coming three years. "Our assessment is there isn't a bubble, but when prices are rising as fast as they are, and if they continue to rise very strongly over the next 18 months, then you … [Read more...] about House prices ‘will continue rising for next three years’